Americans Rip Up Retirement Plans

Hanna
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Americans Rip Up Retirement Plans

Postby Hanna » Fri Feb 01, 2013 11:09 am

The American workplace is about to get grayer. Nearly two-thirds of Americans between the ages of 45 and 60 say they plan to delay retirement, according to a report to be released Friday by the Conference Board. That was a steep jump from just two years earlier, when the group found that 42% of respondents expected to put off retirement.

(snip)

The labor force has been getting older for decades for reasons that range from longer life spans and better health to companies' replacement of defined-benefit pensions with higher-risk 401(k) plans.

But the stark increase in workers expecting to stay on the job—now 62%—was a surprise. After all, the stock market has largely earned back its losses, home prices are rising, and the unemployment rate is creeping down, all of which suggests workers should be feeling more secure.

Many middle-aged Americans, though, drew down their savings during those lean years and now find that leaving the work force on their original timeline is no longer viable. They are also facing low interest rates, an uncertain future for Social Security, and a lower likelihood of receiving employer health insurance after retirement.

The uptick may be good news for some industries—notably utilities and power companies—that face disruptive skills shortages when older workers retire. However, senior employees can be expensive for companies, both in salary and health-care costs. In addition, amid anemic economic growth, these workers may block the pipeline for younger employees trying to advance their careers.

(snip)

http://online.wsj.com/article/SB1000142 ... 48064.html

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Red
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Re: Americans Rip Up Retirement Plans

Postby Red » Fri Feb 01, 2013 12:08 pm

Thank you government and mostly to the greedy democratic big spenders.
Liberalism is like an out-of-control 5 year old at McDonalds. All the talking to and admonishment won't make a difference. They have no concept of right or wrong, they are nothing more than narcissists.

Hanna
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Re: Americans Rip Up Retirement Plans

Postby Hanna » Sat Feb 02, 2013 10:21 am

You mean, thank you Bush for spending millions on two long and losing wars, expanding the federal government in the name of "fighting terrorism" while cutting taxes?

Thank you Bush for eliminating regulations so that banks "convinced" millions to buy homes that could not afford and then "bundled" the mortgages so win or lose they will escape the outcome?

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Wabash
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Re: Americans Rip Up Retirement Plans

Postby Wabash » Sat Feb 02, 2013 12:49 pm

At one time, corporate America believed in providing retirement security to its workforce. My father lived on his aerospace pension till he passed.

During the 80's the mergers and acquisitions that occurred to benefit the few on Wall St. typically came at the expense of what where considered overfunded pension funds.

Now that defined benefit pension plans are the exception and not the norm, I predict that not only will Americans work longer, which is detrimental to their children or grandchildren entering the work force, we will see an underclass of senior citizens start to emerge when they find out they never had a prayer of saving enough in their 401(k)s to provide for themselves and their health care costs in their retirement years.
They told me if I voted for Hillary Clinton the president would be emotional, impulsive, and unpredictable. They were right. I voted for Hillary Clinton and got a president that is emotional, impulsive, and unpredictable.

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Wabash
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Re: Americans Rip Up Retirement Plans

Postby Wabash » Sat Feb 02, 2013 12:53 pm

Red wrote:Thank you government and mostly to the greedy democratic big spenders.

This is yet another fact free post when one considers the majority of the current debt level occurred under conservative administrations.

Not that you've ever let facts determine your thought process.
They told me if I voted for Hillary Clinton the president would be emotional, impulsive, and unpredictable. They were right. I voted for Hillary Clinton and got a president that is emotional, impulsive, and unpredictable.

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AsIfYouKnew
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Re: Americans Rip Up Retirement Plans

Postby AsIfYouKnew » Sat Feb 02, 2013 1:29 pm

Hanna wrote:You mean, thank you Bush for spending millions on two long and losing wars, expanding the federal government in the name of "fighting terrorism" while cutting taxes?

Thank you Bush for eliminating regulations so that banks "convinced" millions to buy homes that could not afford and then "bundled" the mortgages so win or lose they will escape the outcome?


Don't forget to thank all the members of congress for allowing those wars to be funded.

Oh, and don't forget to thank Clinton for signing the repeal of the Glass-Steagall act that allowed the financial meltdown to take place.
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Wabash
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Re: Americans Rip Up Retirement Plans

Postby Wabash » Sat Feb 02, 2013 1:38 pm

AsIfYouKnew wrote:Oh, and don't forget to thank Clinton for signing the repeal of the Glass-Steagall act that allowed the financial meltdown to take place.

What part of the Gramm–Leach–Bliley Act (the law repealing Glass-Steagall) demanded that exotic financial instruments like securitized mortgages or credit default swaps be created? Along with the introduction of negative amortization loans that effectively made the housing industry into a Ponzi scheme?

The meltdown was caused by corporate greed. Plain and simple. It was yet another failure (in a long list of failures) of conservatives claiming that de-regulation would benefit everyone when Adam Smith's so called Invisible Hand would work its magic in the free market. Only showing that those who embrace that aspect of Smith's economic philosophy have never read his work The Wealth of Nations in totality and have only cherry-picked the parts that suit their parochial beliefs.
They told me if I voted for Hillary Clinton the president would be emotional, impulsive, and unpredictable. They were right. I voted for Hillary Clinton and got a president that is emotional, impulsive, and unpredictable.

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AsIfYouKnew
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Re: Americans Rip Up Retirement Plans

Postby AsIfYouKnew » Tue Feb 05, 2013 3:01 pm

Wabash wrote:What part of the Gramm–Leach–Bliley Act (the law repealing Glass-Steagall) demanded that exotic financial instruments like securitized mortgages or credit default swaps be created? Along with the introduction of negative amortization loans that effectively made the housing industry into a Ponzi scheme?

The meltdown was caused by corporate greed. Plain and simple. It was yet another failure (in a long list of failures) of conservatives claiming that de-regulation would benefit everyone when Adam Smith's so called Invisible Hand would work its magic in the free market. Only showing that those who embrace that aspect of Smith's economic philosophy have never read his work The Wealth of Nations in totality and have only cherry-picked the parts that suit their parochial beliefs.


I know that some like to simplify things so that they are more easily grasped. I will leave that level of reasoning to them.
When a true genius appears, you can know him by this sign: that all the dunces are in a confederacy against him.
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Wabash
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Re: Americans Rip Up Retirement Plans

Postby Wabash » Tue Feb 05, 2013 3:19 pm

AsIfYouKnew wrote:
I know that some like to simplify things so that they are more easily grasped. I will leave that level of reasoning to them.

I've yet to be proven wrong.

Aside from all the issues I stated, I'll add one more. What part of the GLB Act demanded that rating agencies rate securitized mortgages with the same risk value as T-Bills? Many investors (personal and institutional) invested in those financial vehicles based upon those ratings that were completely bogus.

So much so that finally the DOJ is going after Standard & Poor's for fraud.
They told me if I voted for Hillary Clinton the president would be emotional, impulsive, and unpredictable. They were right. I voted for Hillary Clinton and got a president that is emotional, impulsive, and unpredictable.

Red
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Re: Americans Rip Up Retirement Plans

Postby Red » Tue Feb 05, 2013 4:35 pm

Hanna wrote:You mean, thank you Bush for spending millions on two long and losing wars, expanding the federal government in the name of "fighting terrorism" while cutting taxes?

Thank you Bush for eliminating regulations so that banks "convinced" millions to buy homes that could not afford and then "bundled" the mortgages so win or lose they will escape the outcome?


Thank you Obama for spending more in 4 years than Bush did in 8. Bush and McCain tried to stop it and the dems wouldn't let them.
Liberalism is like an out-of-control 5 year old at McDonalds. All the talking to and admonishment won't make a difference. They have no concept of right or wrong, they are nothing more than narcissists.

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Wabash
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Re: Americans Rip Up Retirement Plans

Postby Wabash » Tue Feb 05, 2013 4:50 pm

Red wrote:Thank you Obama for spending more in 4 years than Bush did in 8. Bush and McCain tried to stop it and the dems wouldn't let them.

When? Specifically what year? This is yet another bogus talking point put out by conservatives desperate to deflect their support of what will arguably be the worst president of the last 100 years. And who can blame them?
They told me if I voted for Hillary Clinton the president would be emotional, impulsive, and unpredictable. They were right. I voted for Hillary Clinton and got a president that is emotional, impulsive, and unpredictable.

Hanna
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Re: Americans Rip Up Retirement Plans

Postby Hanna » Tue Feb 05, 2013 8:40 pm

Red wrote:Thank you Obama for spending more in 4 years than Bush did in 8. Bush and McCain tried to stop it and the dems wouldn't let them.


Whatever Obama spent, it was to stop the recession from being a depression. Yes, I know, you don't think that the stimulus or bailing out the auto industry were worth it. But many of us do, as evident in the results of the elections.

Obama inherited an economic cliff that only pumping money into it saved us from falling over it.

In contrast, Bush spent on sloppily executed wars and squandered the surplus left by Clinton on cutting taxes that no one asked (except by his rich cronies).

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Re: Americans Rip Up Retirement Plans

Postby Red » Wed Feb 06, 2013 5:12 am

Hanna wrote:
Whatever Obama spent, it was to stop the recession from being a depression. Yes, I know, you don't think that the stimulus or bailing out the auto industry were worth it. But many of us do, as evident in the results of the elections.

Obama inherited an economic cliff that only pumping money into it saved us from falling over it.

In contrast, Bush spent on sloppily executed wars and squandered the surplus left by Clinton on cutting taxes that no one asked (except by his rich cronies).


Crony capitalism! Solyndra and many more. We applauding two buffoons, but you are too partisan to realize that. At least I have concern for my children and grandchildren, unlike greedy live for today democrats. Obama did NOT inherit "an economic cliff"! He created it with his over reaching marxist government.
Liberalism is like an out-of-control 5 year old at McDonalds. All the talking to and admonishment won't make a difference. They have no concept of right or wrong, they are nothing more than narcissists.

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Wabash
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Re: Americans Rip Up Retirement Plans

Postby Wabash » Wed Feb 06, 2013 5:23 am

Red wrote:
Crony capitalism! Solyndra and many more. We applauding two buffoons, but you are too partisan to realize that. At least I have concern for my children and grandchildren, unlike greedy live for today democrats. Obama did NOT inherit "an economic cliff"! He created it with his over reaching marxist government.

Ha ha ha. Still pulling the Solyndra card.

You must have a short memory that has already forgotten a Dow Jones index that was about half what it is now, and an economy shedding 500K jobs per MONTH!! In addition to a deficit that was well over $1.2T. In January, 2009 when the DJIA was bottoming out, you were claiming it was a reaction to Obama being elected. Now that it is tickling 14K you believe it has nothing to do with Obama. You are once again caught at directly applying the double standard.

Obama was successful in staving off an even worse catastrophe and a deficit that will be less than $900B. It's obvious you don't recognize success when you see it.

Most importantly, the conservatives you embraced (who helped create the mess) have yet to either take responsibility (yet they claim to be the party of personal responsibility), they have never put forth an alternative that has been shown to work. It's why the Dems keep kicking their asses in elections.

Your humor may escape others, but not me. I think you're hysterical.
They told me if I voted for Hillary Clinton the president would be emotional, impulsive, and unpredictable. They were right. I voted for Hillary Clinton and got a president that is emotional, impulsive, and unpredictable.

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AsIfYouKnew
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Re: Americans Rip Up Retirement Plans

Postby AsIfYouKnew » Wed Feb 06, 2013 11:49 am

Wabash wrote:I've yet to be proven wrong.

Aside from all the issues I stated, I'll add one more. What part of the GLB Act demanded that rating agencies rate securitized mortgages with the same risk value as T-Bills? Many investors (personal and institutional) invested in those financial vehicles based upon those ratings that were completely bogus.

So much so that finally the DOJ is going after Standard & Poor's for fraud.


On this thread. Maybe.

I agree that the rating agencies contributed to the problem. However, the mortgages would never have been combined into securities is Glass Steagel was not repealed.
When a true genius appears, you can know him by this sign: that all the dunces are in a confederacy against him.
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Wabash
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Re: Americans Rip Up Retirement Plans

Postby Wabash » Wed Feb 06, 2013 12:06 pm

AsIfYouKnew wrote:
On this thread. Maybe.

I agree that the rating agencies contributed to the problem. However, the mortgages would never have been combined into securities is Glass Steagel was not repealed.

Sort of true. However, there was nothing in that legislation that required that to happen. More importantly, there has been no effort by either party to repeal the GLB Act. I expect that behavior from conservatives, and it is one of the few disappointments I have with the Dems.
They told me if I voted for Hillary Clinton the president would be emotional, impulsive, and unpredictable. They were right. I voted for Hillary Clinton and got a president that is emotional, impulsive, and unpredictable.

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AsIfYouKnew
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Re: Americans Rip Up Retirement Plans

Postby AsIfYouKnew » Wed Feb 06, 2013 12:11 pm

Wabash wrote:Sort of true. However, there was nothing in that legislation that required that to happen. More importantly, there has been no effort by either party to repeal the GLB Act. I expect that behavior from conservatives, and it is one of the few disappointments I have with the Dems.


Not sort of, absolutely true. The fact is the repeal of the law allowed the behaviour to happen. It didn't compel them to act that way, i agree. But if the law was not repealed, it never would have happened.
When a true genius appears, you can know him by this sign: that all the dunces are in a confederacy against him.
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Wabash
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Re: Americans Rip Up Retirement Plans

Postby Wabash » Wed Feb 06, 2013 12:15 pm

AsIfYouKnew wrote:
Not sort of, absolutely true. The fact is the repeal of the law allowed the behaviour to happen. It didn't compel them to act that way, i agree. But if the law was not repealed, it never would have happened.

I think you have my comments confused. I was referring to repealing the GLB Act. I believe the Glass-Steagal Act that put up the firewall between commercial and investment banks should be reinstated.
They told me if I voted for Hillary Clinton the president would be emotional, impulsive, and unpredictable. They were right. I voted for Hillary Clinton and got a president that is emotional, impulsive, and unpredictable.

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AsIfYouKnew
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Re: Americans Rip Up Retirement Plans

Postby AsIfYouKnew » Sun Feb 10, 2013 8:50 pm

Wabash wrote:I think you have my comments confused. I was referring to repealing the GLB Act. I believe the Glass-Steagal Act that put up the firewall between commercial and investment banks should be reinstated.


Then we agree on one thing, at least. Do you agree that Clinton never should have signed that law?
When a true genius appears, you can know him by this sign: that all the dunces are in a confederacy against him.
Jonathan Swift

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Wabash
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Re: Americans Rip Up Retirement Plans

Postby Wabash » Sun Feb 10, 2013 9:11 pm

AsIfYouKnew wrote:
Then we agree on one thing, at least. Do you agree that Clinton never should have signed that law?

Knowing what we know now, yes. However, no one could have foreseen banks creating exotic investment instruments that would end up almost tanking the economy.
They told me if I voted for Hillary Clinton the president would be emotional, impulsive, and unpredictable. They were right. I voted for Hillary Clinton and got a president that is emotional, impulsive, and unpredictable.

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